Here is another installment of our “Be Like” series. The account below is a true story from one of our clients. To protect the identity of our clients, we have used fictitious names. However, their stories, stats and emotions are real.
Beth was 20 when she contacted the Jarrod Peterson Real Estate Group and wanted to stop renting and start living. It was the winter of 2017. Her lease was up for renewal at the apartment she had rented for two years after high school graduation. She calculated that she was spending $1,560 per month and nearly $19,000 annually on rent! Basically, she was paying someone else’s mortgage payment. Beth knew it was time to act and purchase a home.
Beth had some savings, a steady job, and a decent credit score. She didn’t know where to begin for financing, so Jarrod introduced her to one of the leading lenders he works with who also specializes in first time homebuyers. That lender told Beth that if she was to receive some money from her parents as a down payment “gift,” she could easily qualify for a property. Beth was thrilled, and her parents were willing to help.
Like many young buyers, Beth was a bit scared of the home maintenance, including lawn care and snow removal. A townhome was a perfect opportunity for her. Most townhomes take care of exterior maintenance and more. The particular townhome in Blaine, MN that Jarrod and his team found for Beth included hazard insurance, the city water and sewer bill, trash removal and yard/driveway maintenance. It was perfect.
Beth, with the help of the Jarrod Peterson Real Estate Group, negotiated a good deal with the seller. Her total monthly payment was going to be $1,164, which was saving her nearly $400 per month. Beth was going to start building equity by paying her own mortgage, not some apartment building owner’s.
Start Building Wealth
Jarrod connected with her 13 months after purchasing that townhome, and Beth continues to be thrilled. “I used to hate getting my rent payment withdrawn from my bank account each month,” Beth stated. “But I don’t mind the withdrawal of my mortgage, because I know I am in control and am building my wealth.”